Tech Stocks Rebound; Nasdaq Above 2,000
Tuesday March 13, 3:29 pm Eastern Time
<<NEW YORK (Reuters) - Technology stocks piled on gains in late afternoon trading on Tuesday, sending the Nasdaq composite back above the key 2,000-point level, as investors sought what they saw as bargains a day after a gut-wrenching sell-off.
The rebound follows Monday's record-shattering plunge of more than 6 percent or 129 points on concerns over shrinking corporate earnings and the weak U.S. economy, which pushed the Nasdaq below 2,000. The Nasdaq's loss on Monday amounted to almost 62 percent from its March 10, 2000, record high of 5,048.62. It exceeded the Nasdaq's previous biggest drop, which was 59.9 percent in the 1973-74 prolonged bear market.
The technology-laced Nasdaq Composite Index (.IXIC) rose 77.91 points, or 4.05 percent, at 2,001.29, hitting. The Nasdaq was led higher by tech heavyweights like Internet gear giant Cisco Systems Inc. (NasdaqNM:CSCO - news).
The blue-chip Dow Jones industrial average (.DJI) was up 67.51 points, or 0.66 percent, at 10,275.76. The broad Standard & Poor's 500 Index (.SPX) was up 14.38 points, or 1.22 percent, at 1,194.54.
``People are more comfortable getting into the market as the valuations came down,'' said Ahmet Okumus of the Okumus Opportunity Fund which has $250 million in assets. He saw a positive sign in the leadership of Tuesday's technology rally being the big capitalizations names in computer software, hardware and networking, he said.>> |
